Retirement often means changes to both your lifestyle and your budget. Depending on how much you have saved for retirement and how much you will receive from social security, you might have a lifestyle that is more financially demanding than when you were working. You could also wind up with less money, requiring you to be careful with your expenses.
One expense that some people have is spousal support. If you are paying spousal support as the result of a long-term marriage, you may be interested in knowing how this will affect your retirement budget.
After a marriage that lasts over ten years, one spouse may be ordered to pay the other spousal support. As long as your ex-spouse remains unmarried, you will have to pay him or her the monthly support order.
There are a few ways in which you can potentially end paying spousal support. These reasons are re-marriage by the spouse receiving support, losing your job and not finding a new one, or your spouse's financial situation improving tremendously. This can change depending on your individual details, so it’s best to consult a family law attorney if you have any questions regarding spousal support.
It is quite possible to get a spousal support order decreased after you retire. As long as you retire after the appropriate retirement age and your standard of living and income decreases, you can appeal to the court to decrease your spousal support.
You will have to ask for a support modification from the court and then present the documentation showing your new income and financial accounts. With the help of an attorney, you can lessen your spousal support after retiring.
If you are considering divorce or are already in the process, it’s important to have a qualified legal team on your side. Whether spousal support is involved or not, make sure you don’t end up making costly mistakes. For questions regarding alimony and other divorce matters, call the Law Office of Laurence J. Brock at 909-466-7661 or complete the form on our website to get started.